All stories by Harsh Kumar
GST Gamed For Rs 81,875 cr, Finds Report
Rediff.com23 hours agoThe highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
Tax notices to employees a 'discrepancy', says TCS
Rediff.com23 hours agoInformation technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a "discrepancy," and the tax department will be reprocessing the returns. "We understand that the tax authorities will be reprocessing the returns, post which TDS shall be in sync with Form 26AS issued by the Income Tax Department, and Form 16 Part A issued by TCS. Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount.
India pitches for more info sharing on int'l payments
Rediff.com5 days agoIndia is pushing for greater disclosures by credit card companies, fintech firms, and payment aggregators (PAs) at the Financial Action Task Force (FATF), so that the sender and recipient in a cross-border financial transaction can be easily identified and the information shared with law enforcement agencies. Separately, the inter-governmental group, which sets standards to curb money laundering, will release the fourth round of its mutual evaluation report on India on September 19. FATF in June had adopted the mutual evaluation report on India and placed the country in the "regular follow-up" category - the highest rating given by the global watchdog and a distinction shared by only four other G20 countries.
Changes to banking laws have a consumer tilt
Rediff.com12 Aug 2024Better protection for depositors and investors was one of the chief considerations in Union Finance Minister Nirmala Sitharaman introducing, on Friday, the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha to amend four pieces of legislation. This amendment is also to improve audit quality in public-sector banks (PSBs), offer consistency in reporting by banks to the Reserve Bank of India (RBI), and provide for an increase in the tenure of directors in cooperative banks.
FM Nirmala Sitharaman to review RRBs' performance after Budget session
Rediff.com30 Jul 2024Union Finance Minister Nirmala Sitharaman will review the performance of regional rural banks (RRBs) after the Budget session of Parliament, according to two people familiar with the matter. The finance minister will review the performance of RRBs after August 13. The review will include discussions on enhancing the digital capabilities of RRBs, said a senior government official.
Public sector banks may take QIP route to meet shareholding norm
Rediff.com26 Jul 2024Public-sector lenders Indian Overseas Bank (IOB) and Uco Bank are likely to raise funds through qualified institutional placement (QIP) next month. Punjab & Sind Bank is likely to follow suit later this financial year to meet the public shareholding norm of 25 per cent. When a public-sector unit raises funds through QIP, the money goes to the company because it involves issuing new shares whereas in the case of offer for sale (OFS), the money raised goes to the government because its shares are sold.
How Postmen Can Help Micro-Entrepreneurs
Rediff.com11 Jul 2024'The dakiyas will be our partners, receiving credit proposals from micro-enterprises at the grassroots level.'
Union Budget 2024-25: MSMEs bat for Rs 5,000 crore export booster
Rediff.com3 Jul 2024India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
4 offshore crypto exchanges join queue for nod to restart India ops
Rediff.com21 Jun 2024The Financial Intelligence Unit-India (FIU-India), the national agency responsible for analysing suspicious financial transactions, has received requests from four more offshore crypto exchanges to operate in India again, said a senior government official familiar with the matter. In the beginning of 2024, India had banned nine crypto exchanges - Binance, Kucoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfenix - for non-compliance with anti-laundering law in the country.
Budget 2024: MSME ministry gets 'positive' feedback on 45-day payment rule
Rediff.com19 Jun 2024The Ministry of Micro, Small and Medium Enterprises (MSME) has received "positive" feedback from industry regarding the 45-day payments cycle for MSMEs, according to a senior official familiar with the matter. The comment assumes significance amid concerns raised by some MSMEs that big companies may stop buying from small and medium suppliers and instead choose to make purchases from unregistered enterprises.
'Housing finance Sector Will Only Grow'
Rediff.com18 Jun 2024'The demand for housing is always increasing, and so is housing shortage.'
'Payment banks' micro-lending to significantly impact economy'
Rediff.com12 Jun 2024'The transition from payment banks to SFBs is only permissible for banks not owned by corporate entities.'
MPS: FinMin may extend August deadline for PSBs, insurers
Rediff.com10 Jun 2024The finance ministry is in favour of extending the August deadline for public sector banks (PSBs) as well as insurance companies to increase their minimum public shareholding (MPS) to the mandated 25 per cent, said a senior government official. "The election results will determine the course of action. "Most likely, those who did not receive an extension to meet the minimum shareholding norm will be granted one," the senior government official said.
'I Never Take My Opponent's Name'
Rediff.com30 May 2024'Even last time, when I defeated Shatrughan Sinha, I did not take his name.'
'Draft infra norms good for industry'
Rediff.com29 May 2024'Probably revised guidelines will come, and then the real picture will emerge.'
'No need to panic on draft infra guidelines'
Rediff.com24 May 2024'It's a debatable topic, and we will submit our comments to the RBI by June 15.'
Litchi Heats Up Election Season In Muzaffarpur
Rediff.com19 May 2024'The local support from our MP is nil. He never comes to see our farms.'
Who Will Be The Next SBI Chief?
Rediff.com14 May 2024'The FSIB will conduct interviews for the SBI chairman position on May 21-22 as the tenure of the current chairman Dinesh Kumar Khara is scheduled to end by August.'
Next-gen politicians battle it out for Samastipur
Rediff.com9 May 2024'Dynastic politics has become a tool of convenience for political parties. The BJP does not hesitate to accept it when it comes to its own alliance or party candidates. The same goes for the others.'
'Govt won't privatise GIC Re at this stage'
Rediff.com5 May 2024'Because it is the only public sector company in this sector, currently.'